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The market size of high-speed cutting tools is expected to be 6.81 billion US dollars this fiscal year, with a projected CAGR of over 3% during the forecast period.
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The global market for metal cutting tools is projected to grow from 61.41 billion USD in 2022 to 66.11 billion USD in 2023, with a CAGR of 7.7%. The Russia-Ukraine war has disrupted the potential for a global economic recovery from the COVID-19 pandemic, at least in the short term. This war between the two countries has led to economic sanctions against multiple nations, soaring commodity prices, and supply chain disruptions, causing inflation across goods and services and impacting many markets worldwide. The metal cutting tools market is expected to grow to 86.4 billion USD by 2027, with a CAGR of 6.9%.
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The global cutting tools market is projected to expand at a CAGR of 5.72% from 2022 to 2028. This report investigates the global cutting tools market, providing an overview of the market along with trends by product type, material type, application, end-user, distribution channel, and region, as well as profiles of companies entering the market.
Global Polycrystalline Diamond Cutting Tool Market
Due to the COVID-19 pandemic, the global market size for polycrystalline diamond cutting tools was valued at 899 million USD in 2021 and is expected to reach 1.498 billion USD by the end of 2028, with a projected CAGR of 6.8% from 2022 to 2028.
![[English Market Research Report] Global Market for Metal Cutting Tools](https://image.mono.ipros.com/public/product/image/917/2000788044/IPROS558226909518442508.png?w=280&h=280)
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The report forecasts that the market size for metal cutting tools is expected to increase by USD 5.73556 billion between 2023 and 2027, growing at a CAGR of 4.91% during the forecast period. This report provides a comprehensive analysis of the metal cutting tools market, including market size and forecasts, trends, growth drivers and challenges, as well as vendor analysis covering approximately 25 vendors. It offers the latest analysis of current global market trends and drivers, as well as the overall market environment. The market is driven by the increasing demand for metal parts in key end-user industries, rising construction activities in emerging countries in the APAC region, and the growing need to develop high-quality products. This study identifies additive manufacturing as one of the key reasons driving the growth of the metal cutting tools market in the coming years. Additionally, the expansion of the high-speed steel cutting tools market and the strengthening of metal processing product growth will lead to significant demand in this market.
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The global market size for metal cutting tools was valued at 75.97 billion USD in 2022 and is expected to grow from 79.62 billion USD in 2023 to 115.85 billion USD by 2031, with a projected CAGR of 4.80% during the forecast period (2024-2031). Metal cutting tools, essential for the precision machining of complex parts, include a variety of machines ranging from modern CNC metal cutting devices powered by electric motors to traditional horizontal lathes. These tools perform various cutting processes such as milling, turning, boring, and grinding on metal workpieces. They come in various sizes and types, including fiber cutters, plasma cutters, and laser cutting devices, playing a crucial role in industries like automotive, particularly benefiting from the surge in demand for welded automotive parts. The metal cutting tools sector is expected to remain a significant segment of the machine tool market, supported by factors such as increasing demand for power tools, growing utilization in end-use sectors, and technological innovations, which underpin the growth trajectory of the metal cutting tools industry.
